Cross-border payments company AstroPay has introduced Latin American region’s first licensed money service business Ripple LatAm, powered by Ripple protocol.
An Internet protocol, Ripple technology lets financial institutions to securely transfer funds in any currency in real time.
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Using local Ripple gateways, Ripple LatAm will link Latin American businesses with their business associates in Asia, Europe and North America for services including remittances, and merchant payments.
Ripple LatAm founder Andres Bzurovski said the new service effectively opens the region for business, allowing for real-time B2B cross-border payments between markets in each partner’s currency of choice.
"Now, a European-based business can send euros to be received as Brazilian Real by a business in Brazil within seconds and at a fraction of the cost," explained Bzurovski.
Initially launched across seven countries, including Brazil, Chile, Colombia, Mexico, Peru, Argentina, and Uruguay, Ripple LatAm enables individual account holders, merchants, and bank partners to process payments to and from Latin America.
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By GlobalDataFurther, software developers can now build new remittance networks and services on Ripple, offering payments to home countries across Latin America with competitive fees, the company added.
